Donald Trump, the incoming president, has appointed a new leader for initiatives related to cryptocurrency and artificial intelligence (AI), and that person is David Sacks, who used to be a chief operating officer at PayPal.
Trump shared this news on Truth Social, his own social media platform, announcing that Sacks will help create legal rules and guidelines for the cryptocurrency sector. The goal is to provide the industry with the clarity it needs to grow and succeed in the United States. In his post, Trump wrote that Sacks will ensure the crypto industry can thrive by providing a structured legal environment.
David Sacks is known for being part of the “PayPal Mafia,” a group of former PayPal employees who went on to become successful entrepreneurs in their own right. He co-founded Yammer, a company that developed a tool for internal company communication, which was sold to Microsoft for $1.2 billion in 2012. Sacks is also the founder of Craft Ventures, a venture capital fund that has invested in several well-known startups, including SpaceX, Reddit, and ClickUp.
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In a 2017 interview with CNBC, Sacks explained his support for cryptocurrencies like Bitcoin and Ethereum. He mentioned that these digital currencies align with the original idea behind PayPal, which aimed to create an efficient way to handle money digitally, keeping transactions within a secure system.
While Sacks has clear opinions on cryptocurrency, his views on artificial intelligence and how to create policies around it are not as well-known. However, based on his general approach, it appears that he leans towards policies that favor less government regulation and more freedom for businesses.
